Amidst the volatile landscape of Terra (LUNA) ecosystem, Terra Classic (LUNC) continues to trade in the red as it attempts to navigate through the turmoil in the overall market. Specifically, the LUNC community is implementing a series of initiatives that are said to potentially impact the token’s price.
In this regard, as ongoing recovery efforts are observed, the future price of LUNC has become a subject of interest within the Terra Classic community. While LUNC’s price remains uncertain, Finbold has requested PricePredictions.com to utilize machine learning algorithms for more insights into the expected price movement of Terra Classic by the end of September.
According to the tool’s predictions, based on the information received on September 6, it is anticipated that LUNC will trade at $0.000060 on September 30, 2023. This forecast suggests a potential improvement in the token’s price, estimated to be around 0.6%.
LUNC Banking on Network Upgrades
Interestingly, despite showing signs of an initial surge, the projection for LUNC remains pessimistic. Terra Classic experienced a brief uptick in July when Binance announced its support for Terra network upgrades.
Regarding network upgrades, the community developer, EL1 Task Force, is voting on the proposal for the v2.2.1 core upgrade. This upgrade aims to introduce several significant features, including the upgrade to CosmoSDk, migration to CommitBFT in Tendermint, IBSC to V6, and the implementation of approved changes through governance voting, including the distribution module’s burning tax. It is hoped that this upgrade will have a significant impact on the future price of LUNC.
At the same time, the Terra Classic community has passed an important proposal to apply a dynamic minimum commission based on the voting power of validators. The goal of this proposal is to decentralize and strengthen the Terra Classic network against potential vulnerabilities.
Furthermore, the community is expected to rely on other initiatives such as ongoing burning mechanisms to increase the network’s utility.
LUNC Price Analysis
As of the press time, Terra Classic was trading at approximately $0.0000605 with a daily loss of around 0.6%. In the past seven days, the token has experienced a decrease of more than 5%.
In conclusion, it is worth noting that the previous Finbold report suggested that if LUNC were to reach its all-time high market capitalization, the token would potentially trade at around $0.0070446, which is nearly 99.99994% lower than its record price of $119.18.
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